Navan Inc (NAVN) PT Lowered to $17 at Oppenheimer
Oppenheimer analyst Jed Kelly lowered the price target on Navan Inc (NASDAQ: NAVN) to $17.00 (from $25.00) while maintaining a Outperform rating.
The analyst commented: "NAVN guided F27E AOI of $58–62M, meaningfully above the Street's $26M estimate, on expanding AI capabilities accelerating client wins (new-bookings +50%). FCF is inflecting positive one-year early and sees enterprise momentum implying upside to F27E's +24%-y/y initial revenue outlook. NAVN's virtual agent maintained 80% CSAT (55% interactions without human) during recent travel disruptions (Storms/War/TSA) and migrating VIP Travel R&M to core should accelerate gross margin expansion, in our view. NAVN is down 30% YTD on AI disruption narrative, unwarranted in our view, where suppliers are accelerating adoption into a platform that can synthesize complex technology while providing broad distribution into high-value/engaged user-base. Lowering PT to $17 (from $25), now based on ~5x CY27E gross-profit, in-line with category leading travel peers that are growing slower."